State revenue up more than 4 percent for month
Thursday, April 5, 2007
JEFFERSON CITY, Mo. -- State revenue was up 4.8 percent through the first three quarters of the state fiscal year, the Office of Administration said Wednesday.
Missouri's net revenue of $5.18 billion through March were better than anticipated. State officials' revenue projection, updated in January, counted on Missouri revenue to grow by about 4 percent for the year ending June 30, compared with the previous fiscal year.
Net revenues for March, compared with March 2006, were up 4.2 percent.
Administration Commissioner Mike Keathley said Missouri's economy is seeing moderate growth despite struggles in the auto manufacturing sector. But he warns that national factors, including a weak housing market and volatile equity markets, could dampen state employment and revenue figures in coming months.
Individual income taxes, which make up more than 60 percent of the state's general revenue collections, were up 5.6 percent for the fiscal year, at $3.74 billion, and also up 4.9 percent for March.
Sales tax collections were up 2.6 percent for the year, at $1.53 billion, and also rose 3.9 percent for the month. Sales taxes account for about one-fourth of the state's general revenues.